U.S. Pat. No. 4,497,196 (which is hereby incorporated by reference in its entirety) describes a machine for performing operations on strip material which is intermittently fed therethrough. The machine shown in that U.S. patent has a plurality of individual machine modules, each of which has an associated strip feeding means and tooling members, such as punches and dies, for performing operations on the strip material. One system for mounting the tooling members is shown in the above-identified U.S. Pat. No. 4,497,196 and the present invention is directed to the achievement of an improved tool mounting system having several advantages such as the achievement of a higher degree of precision in the positioning and guidance of the tools, reduced tool wear resulting in reduced tooling maintenance, ease of changing the tooling in the system, and improved pilot pin guidance systems.